一、主講人：朱嶺，美國馬裡蘭大學經濟學博士，美國科爾比學院(Colby College)學士。主要研究領域為國際金融、宏觀經濟學、貨币經濟學。

二、主題：Employment and Financial Stability: Dual Goals of Capital Flow Management

I study optimal capital flow management in a small open-economy DSGE model with two frictions: downward nominal wage rigidity and a price-dependent collateral constraint. Wage rigidity introduces an aggregate demand externality under fixed exchange rates and the collateral constraint introduces a pecuniary externality. I provide an analytical characterization of the optimal capital flow management measures and show how they mitigate the externalities. Specifically, I find that the optimal policy is a prudential tax that discourages capital inflows when the risk of financial crisis is high or when wage is increasing, and it is a stimulative subsidy that encourages capital inflows when unemployment is high and the risk of financial crisis is low.

Using quantitative methods and standard calibration, I show that the optimal state-contingent capital inflow tax and even a non-state-contingent flat tax can significantly reduce unemployment and prevent financial crises, hence ultimately improving welfare. These results are of particular relevance for members of a currency union or emerging economies with an exchange rate peg.

三、時間：2015年1月28日，星期三上午，10:00-11:00

四、地點：bevictor伟德官网學院南路校區主教學樓913會議室

五、主持人：張禮卿教授，bevictor伟德官网院長